- According to President Hong Fang, Turkey was selected for the new office as it is a significant market.
- The exchange had previously stated its intention to open a branch in Australia.
OKX, a well-known cryptocurrency exchange, intends to open an office in Turkey in the coming months. To prepare for its expansion, OKX has already started facilitating deposits and withdrawals in Turkish Lira (TRY) since March of this year.
When a strong earthquake hit the country in February, OKX joined other cryptocurrency platforms in providing assistance. According to OKX President Hong Fang, Turkey was selected as the next location because it is a “significant market.”
Due to economic uncertainty and the declining value of the Turkish Lira (TRY), the financial situation in Turkey has become unpredictable.
Chief Information Officer Jason Lau referred to the country as a “thriving hub of innovation and blockchain knowledge,” with a user community that has a great interest in cryptocurrencies.
The people of Turkey have displayed remarkable excitement for the realm of cryptocurrency in recent times. This heightened interest could be attributed to the widespread economic uncertainty within the country and the decreasing value of the national currency. Whenever the Turkish lira experiences a significant decline against the US dollar, there is often an increase in demand for bitcoin and stablecoins.
In February, a devastating earthquake hit the southern region of Turkey, resulting in the loss of over 50,000 lives. OKX, along with other companies, contributed to the recovery efforts following the tragedy. OKX has expanded its operations to various countries, including Turkey. Currently headquartered in the Seychelles, the company has expressed its intention to open a branch in Australia.
To solidify its presence in Hong Kong, the exchange has revealed plans to pursue a VASP license in the region. Hong Kong authorities have expressed their intention to create a favorable regulatory framework for cryptocurrencies, aiming to position the region as a hub for the crypto industry. This move highlights the exchange’s ambition to expand and thrive in Hong Kong.
